usell.com (USEL) saw its loss widen to $0.41 million, or $0.02 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.29 million, or $0.04 a share. Revenue during the quarter surged 819.21 percent to $24.82 million from $2.70 million in the previous year period. Gross margin for the quarter contracted 1147 basis points over the previous year period to 8.33 percent. Operating margin for the quarter stood at negative 0.03 percent as compared to a negative 10.91 percent for the previous year period.
Operating loss for the quarter was $0.01 million, compared with an operating loss of $0.29 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.59 million compared with $0.03 million in the prior year period. At the same time, adjusted EBITDA margin improved 112 basis points in the quarter to 2.38 percent from 1.26 percent in the last year period.
Nik Raman, chief executive officer, stated, "We are very pleased with our results, as we continue to build upon the operational gains achieved in the second quarter. We are now realizing many of the synergies associated with combining uSells technology, systems, and data driven management approach with We Sell Cellulars intimate knowledge of the market, supply relationships, and growing customer base. We are focused on making fundamental improvements to the business that will translate to short term financial wins while positioning us for a longer term step change in performance."
Operating cash flow turns positive
usell.com has generated cash of $2.23 million from operating activities during the nine month period as against cash outgo of $1.28 million in the last year period. The company has spent $4.04 million cash to meet investing activities during the nine month period as against cash outgo of $0.47 million in the last year period.
Cash flow from financing activities was $1.95 million for the nine month period as against cash outgo of $0.08 million in the last year period.
Cash and cash equivalents stood at $1.19 million as on Sep. 30, 2016, up 101.04 percent or $0.60 million from $0.59 million on Sep. 30, 2015.
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